Is Inverness, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Inverness has remained a Seller's Market.
Housing Prices in Inverness, IL
How much do homes in Inverness, IL cost?
Median Sold Price
$710,000
$213/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Inverness was $710,000 in May 2024, up 3.6% from last year, and the median price per square foot was $213.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $660K | - | N/A |
2 Bedrooms | $381K | $520K | +36.5% |
3 Bedrooms | $556.5K | $530K | -4.8% |
4 Bedrooms | $769K | $768K | -0.1% |
5+ Bedrooms | $862K | $915K | +6.1% |
Summary: Inverness housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 36.5%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes increased by 6.1%.
Median Sold Price Compared To Nearby Cities
Barrington | $541K | $615K | +13.7% |
Palatine | $290K | $322K | +11.0% |
South Barrington | $957.5K | $1.0M | +10.1% |
Palatine Township | $319.4K | $349.6K | +9.5% |
Inverness | $685K | $710K | +3.6% |
Housing Supply in Inverness, IL
How many homes are available in Inverness, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
26 | 36 | +38.5% |
Summary: The Inverness real estate market had 36 homes for sale in May 2024, a 38.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 3 | 4 | +33.3% |
3 Bedrooms | 5 | 9 | +80.0% |
4 Bedrooms | 6 | 8 | +33.3% |
5+ Bedrooms | 12 | 15 | +25.0% |
Summary: The Inverness housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 80%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
4 | 12 | +200.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 12 homes were sold or pending in Inverness in May 2024, up by 200.0% month-over-month. Of the 12 sold homes, 42% were sold under asking, 8% were sold at asking, and 50% were sold over asking.
Days on Market for Inverness, IL
How long does it take to sell a home in Inverness, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
38 Days | 11 Days | -70.0% |
Summary: Homes in Inverness had an average of 11 days on market in May 2024, down by 70% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 12 homes were sold in Inverness; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.